Walker & Dunlop and Pretium close $75.7 million affordable housing bridge loan

Walker & Dunlop, Inc. (NYSE: WD) and Pretium completed a $75.7 million bridge loan through their joint venture Walker & Dunlop Affordable Bridge Capital to refinance a 174-unit affordable multifamily housing community in Manhattan.

The financing will support the property through an anticipated permanent refinance under the HUD 223(f) program. The bridge loan serves as short-term interim financing ahead of the expected HUD execution and is secured by a first lien on the property.

The 13-story property, built in 1928 and rehabilitated in 1981, contains 110 one-bedroom units and 64 two-bedroom units with an average unit size of approximately 704 square feet. The building is located in Manhattan's Chelsea submarket near Penn Station, Moynihan Train Hall, and Hudson Yards.

"This closing reflects the strength of our partnership with Pretium, and our shared commitment to supporting the preservation of affordable housing," said William Carroll, senior vice president of Walker & Dunlop Affordable Housing and Head of Specialty Credit.

Karen Kulvin, managing director and portfolio manager for Real Estate Debt at Pretium, said, "This transaction is an important milestone, and a reflection of what the affordable housing sector needs right now. Owners are navigating complex refinancing timelines, and traditional capital sources aren't keeping pace."

Walker & Dunlop Affordable Bridge Capital was launched as a joint venture to provide bridge financing solutions for affordable housing owners nationwide, combining Walker & Dunlop's affordable housing lending capabilities with Pretium's real estate investment expertise.

Since December 2024, Pretium has provided more than $3 billion in loans to homebuilders and developers, enabling the creation of more than 13,000 housing units according to the press release.

You May Also Be Interested In

• Alphabet added to Dow Jones Industrial Average, Verizon dropped
• Rocky Mountain Chocolate Factory (RMCF) files $6M mixed shelf
• Laser Photonics CEO takes leave, EVP named interim president